Bitcoin, ethereum, XRP and other cryptos fall sharply this February 24 due to the war in Ukraine.
Bitcoin fell 8.5% to $34,337. This following Vladimir Putin’s order to attack Ukraine.
Ethereum, the second most powerful crypto, decreased 12% and its price is at $2,301. While other cryptocurrencies like XRP, cardano and Solana also fell, reported Bloomberg.
Volatility
This situation of the fall of the main cryptos due to the war between Russia and Ukraine proves that cryptocurrencies are assets with great variations, risk investments, largely due to their increasing integration with global financial markets. This makes them move like other risky assets. This was stated by Ben Caselin, head of research and strategy at the AAX cryptocurrency exchange.
The crisis between Russia and Ukraine “might cause cryptocurrency prices to drop significantly in the short term,” said Jonathan Tse, chief operating officer of crypto platform Copper.co.
“However, it might be what it takes to find a bottom sooner, rather than an ongoing crypto winter for prices to slowly drop,” he added.
According to experts, the prices of bitcoin, ethereum, XRP, cardano and solana, among other cryptocurrencies, may continue to fall due to the crisis in Ukraine.
Bitcoin under $30,000
The next key level to watch for in bitcoin price, in case of further declines, will be $28,000 to $29,000. So said Vijay Ayyar, Vice President of Corporate Development at Luno, a crypto platform.
If the price falls below that threshold, “we might see bitcoin prices much lower than $20,000 and below,” he warned.
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